US crude swaps with Mexico could involve a number of counterparties, as long as the transaction is a true oil-for-oil exchange, a US Commerce Department offcial says. The Commerce Department has granted Mexico’s Pemex a licence to import 75,000 b/d of light US crude in exchange for heavier Mexican sup- plies. The frst delivery will arrive in Mexico in November. Pemex requested to swap 100,000 b/d earlier this year (AGM, 25 September, p6). US crude swap regulations put no limit on quantities. The law favours swaps with Mexico and Canada. Other “non-adjacent” countries have submitted applications, but the department has not approved them.
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